Credo Technology Group (NASDAQ:CRDO) PT Raised to $45.00 at Roth Mkm

Credo Technology Group (NASDAQ:CRDO) had its price objective upped by Roth Mkm from $35.00 to $45.00 in a research report report published on Tuesday, Benzinga reports. They currently have a buy rating on the stock.

Several other research firms have also weighed in on CRDO. TD Cowen raised shares of Credo Technology Group to a “strong-buy” rating in a report on Monday, September 16th. Mizuho raised their price objective on shares of Credo Technology Group from $35.00 to $41.00 and gave the stock an “outperform” rating in a report on Monday, October 14th. The Goldman Sachs Group boosted their target price on Credo Technology Group from $26.00 to $31.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Bank of America raised their price target on Credo Technology Group from $25.00 to $27.00 and gave the company an “underperform” rating in a report on Thursday, September 5th. Finally, Needham & Company LLC boosted their price objective on Credo Technology Group from $29.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, September 5th. One analyst has rated the stock with a sell rating, seven have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $36.56.

Credo Technology Group Stock Up 0.4 %

Shares of CRDO opened at $39.18 on Tuesday. The company has a 50-day moving average price of $32.68 and a two-hundred day moving average price of $27.57. The stock has a market cap of $6.47 billion, a price-to-earnings ratio of -217.67 and a beta of 2.24. Credo Technology Group has a 12 month low of $13.38 and a 12 month high of $40.37.

Credo Technology Group (NASDAQ:CRDO) last issued its earnings results on Wednesday, September 4th. The company reported ($0.06) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.03) by ($0.03). The company had revenue of $59.71 million during the quarter, compared to analyst estimates of $59.50 million. Credo Technology Group had a negative return on equity of 3.74% and a negative net margin of 12.05%. Equities research analysts expect that Credo Technology Group will post -0.02 EPS for the current fiscal year.

Insider Activity

In other news, CTO Chi Fung Cheng sold 55,000 shares of the company’s stock in a transaction on Monday, October 21st. The stock was sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the transaction, the chief technology officer now owns 8,838,602 shares of the company’s stock, valued at $346,826,742.48. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, CTO Chi Fung Cheng sold 55,000 shares of Credo Technology Group stock in a transaction that occurred on Monday, October 21st. The shares were sold at an average price of $39.24, for a total transaction of $2,158,200.00. Following the completion of the sale, the chief technology officer now owns 8,838,602 shares in the company, valued at $346,826,742.48. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, COO Yat Tung Lam sold 10,000 shares of the stock in a transaction that occurred on Monday, August 12th. The shares were sold at an average price of $27.67, for a total transaction of $276,700.00. Following the completion of the transaction, the chief operating officer now owns 2,807,777 shares in the company, valued at $77,691,189.59. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 1,444,817 shares of company stock valued at $45,913,586. Company insiders own 23.89% of the company’s stock.

Institutional Investors Weigh In On Credo Technology Group

Institutional investors have recently made changes to their positions in the stock. Allworth Financial LP boosted its holdings in Credo Technology Group by 917.9% during the third quarter. Allworth Financial LP now owns 855 shares of the company’s stock worth $26,000 after buying an additional 771 shares during the last quarter. Arcadia Investment Management Corp MI acquired a new stake in shares of Credo Technology Group in the 2nd quarter valued at approximately $29,000. Fifth Third Bancorp boosted its stake in Credo Technology Group by 59.3% during the 2nd quarter. Fifth Third Bancorp now owns 1,074 shares of the company’s stock worth $34,000 after acquiring an additional 400 shares during the last quarter. CWM LLC grew its holdings in Credo Technology Group by 78.1% during the second quarter. CWM LLC now owns 1,355 shares of the company’s stock valued at $43,000 after purchasing an additional 594 shares during the period. Finally, Cranbrook Wealth Management LLC bought a new stake in Credo Technology Group in the second quarter valued at approximately $51,000. 80.46% of the stock is owned by institutional investors and hedge funds.

About Credo Technology Group

Credo Technology Group Holding Ltd provides various high-speed connectivity Credo Technology Group Holding Ltd provides various high-speed connectivity solutions for optical and electrical Ethernet applications in the United States, Taiwan, Mainland China, Hong Kong, and internationally. Its products include HiWire active electrical cables, optical digital signal processors, low-power line card PHY, serializer/deserializer (SerDes) chiplets, and SerDes IP, as well as integrated circuits, active electrical cables.